Wolfspeed (NYSE:WOLF) Stock Price Down 5.4% – Time to Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF) were down 5.4% during trading on Wednesday . The company traded as low as $19.70 and last traded at $19.3960. Approximately 558,436 shares traded hands during trading, a decline of 52% from the average daily volume of 1,157,359 shares. The stock had previously closed at $20.50.

Wall Street Analyst Weigh In

A number of research analysts recently commented on WOLF shares. Wall Street Zen upgraded shares of Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd. Susquehanna increased their price target on Wolfspeed to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $10.50.

Wolfspeed Stock Down 4.9%

The company has a market capitalization of $504.73 million and a price-to-earnings ratio of -30.94. The business has a 50-day moving average price of $19.20 and a 200-day moving average price of $13.56.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.05. The company had revenue of $196.80 million during the quarter, compared to analysts’ expectations of $195.37 million. As a group, sell-side analysts predict that Wolfspeed, Inc. will post -4 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently made changes to their positions in the company. Andar Capital Management HK Ltd purchased a new position in Wolfspeed during the 3rd quarter worth approximately $48,000. Eastern Bank purchased a new stake in shares of Wolfspeed in the fourth quarter valued at $46,000. State of Alaska Department of Revenue boosted its position in shares of Wolfspeed by 15.4% in the second quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company’s stock worth $38,000 after buying an additional 13,265 shares during the period. Polymer Capital Management HK LTD purchased a new position in shares of Wolfspeed during the third quarter valued at $582,000. Finally, Mariner Investment Group LLC acquired a new position in Wolfspeed during the third quarter valued at $715,000.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.